As of 4/3/2020
WHAT INFORMATION SHOULD BE GATHERED FOR THE INITIAL LOAN APPLICATION?
- Consider if the Applicant or any owner of the Applicant is an owner of any other business, or has common management with, any other business. If so, consider SBA’s affiliation rules under 13 CFR 121.301(f).
- Information related to the receipt of an SBA Economic Injury Disaster Loan between January 31, 2020, and April 3, 2020, if any
- The date the business started
- 2019 Federal Tax Return or, if not yet filed, 2019 financials (profit/loss and balance sheet)
- IRS Form 941 —Employer’s Quarterly Federal Income Tax Return for all four quarters for 2019
- IRS Form W-3 and Forms W-2 for each employee
- The number of employees paid more than $100,000 per year
- For Employers: calculation of the total payroll for US resident employees paid during the applicable base period, excluding amounts paid above a prorated annual salary of $100,000
- Salary, wages, commissions, or similar compensation
- Cash tips or the equivalent
- Vacation, parental, family, medical, or sick leave
- Allowance for separation or dismissal
- Employee benefits consisting of group health care coverage, including insurance premiums, and retirement
- State and local employment taxes
- For independent contractors or sole proprietors: wage, commissions, income, or net earnings from self-employment or similar compensation.
AICPA CALCULATORS CAN BE ACCESSED HERE UNDER PPP RESOURCES AT:
https://www.aicpa.org/interestareas/privatecompaniespracticesection/qualityservicesdelivery/sba-paycheck-protection-program-resources-for-cpas.html
WHAT INFORMATION SHOULD BE GATHERED TO APPLY FOR PPP LOAN FORGIVENESS?
FOR THE EIGHT-WEEK PERIOD FOLLOWING THE LOAN:
- Total payroll costs as calculated using the same methodology used to compute the original loan amount
- Mortgage interest payments
- Lease payments
- Utility payments
- Demonstrate that payroll costs total at least 75% of these amounts
- Demonstrate that employment and salary levels were maintained
- Number of staff: full-time employee headcount was not reduced
- Level of payroll: salaries and wages are not reduced by more than 25% for employees that make less than $100,000 annualized in 2019
- Re-Hiring: If full-time employment and salary levels were reduced between February 15, 2020, and April 26, 2020, these were restored by June 30, 2020
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